Abstract
On June 23, the U.K. held a referendum that has the potential to change the fate of the country forever. The nation was voting on whether to leave or remain within the European Union. In that vote, 52% of those who voted were in favor of leaving the EU, which means the U.K. must now plan its exit. This decision, which throughout its campaign was referred to as Brexit, has many wide-reaching repercussions for the country and the EU. Europe is Britain’s most important export market and its greatest source of direct foreign investment. An exit from the EU is likely to jeopardize that status—and in the wake of the vote, the pound is at its lowest valuation in years. Projections differ, but the consensus is that Britain would be worse off, at least in the short term, and see slower economic growth and decreased job opportunities. The drop in
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